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That's not a weird status for a domain to be in at all. It's actually a very common situation for a domain to be purchased but not used. Sometimes it's done by companies/individuals who are developing/planning on developing a site at that address. At other times, it's done by domain squatters/speculators. Personally, I would not buy a domain from a squatter/speculator, as you're contributing to the problem of domain squatting.
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Lèse majestéDec 13 '10 at 5:17

Which is interesting because the Status is "redemptionPeriod". This means that the previous domain holder has let their registration lapse, and they have a limited period to restore the domain. I'm actually not sure when the clock starts ticking though. My guess is that the Registar TUCOWS gave the holder a 40 day grace period before submitting the status change. That would mean that domain would become available ~30 days from 21-Nov-2010.

The other interesting thing is the Registrar TUCOWS is domain wholesaler, not a retailer such as GoDaddy, so you can't get the domain directly from TUCOWS. Their website recommends: "... speak with your favourite Registration company to find out when a REDEMPTION PERIOD/PENDING DELETE RESTORABLE domain will be available for registration." You should probably do that right away because there's a good chance the domain will be up for auction sometime between now and the end of the year.

I see you as having one real option: Register the name at a company that specializes in "grabbing" expired names as soon as they become available. I've used snapnames.com for this, but there are others. Basically, you "bid" on the name, Snapnames (or whatever service you choose) tries to grab it for you, and if no one else knows about it and wants it, then you can get it for $60.

Usually you can find registred but not actively used domains at websites like www.sedo.com. This particular domain does not show up as being available for sale, but then again you could use the brokerage services offered by sedo to post an inquiry to the domain holder if he/she would be willing to sell it.